Update - third LBIE admitted claims auction results - 2 December 2016
Further to the announcement made on 15 November 2016 setting out the number of creditors opting to participate in the LBIE admitted claims auction (the ”LACA III”), the Joint Administrators are pleased to provide details of the number and value of claims agreed to be sold to LBNL.
Individual confirmation will be sent directly to creditors updating them with their LACA III outcome.
| Pool A | Pool B | |
| Number of purchased claims | 89 | 3 |
| Approximate Admitted Claim Value* of purchased claims | £94m | £100m |
| Aggregate UCC2** potential surplus entitlement for such claims | £49m | £53m |
| Total Offered Price*** | £45m | £49m |
| % of total Offered Price to total Admitted Claim Value of sold claims | 48% | 49% |
| Aggregate % discount to UCC2** potential surplus entitlement | 6.7% | 7.0% |
* Terms used but not defined in this announcement can be found in the Participation and Sale Agreement on the LACA III Announcement page linked above
** UCC2 potential surplus entitlement is based on FX rates as at 29 April 2016 ($1.465 / €1.279)
*** No premium to either Pool was achieved
Please note it is anticipated the Transfer Date for the LACA III will be 14 December 2016 and the Settlement Date will be 16 December 2016.
Through the first LBIE admitted claims auction (the “LACA”), the second LBIE admitted claims auction (“LACA II”) and the LACA III, the Joint Administrators are pleased to have enabled creditors who held 266 claims with a value of circa £230 million (pursuant to the LACA), 95 claims with a value of circa £130 million (pursuant to the LACA II) and 92 claims with a value of circa £200 million (pursuant to LACA III), to conclude their relationship with LBIE.
No further general announcements will be made on the LACA III.
Should you have any queries regarding this update, please contact LBIE’s Communications and Counterparty Management team at generalqueries@lbia-eu.com.
